This invention generally relates to a method for recording source credit transaction data in a form that makes such data readily usuable for subsequent processing, accounting, and billing operators.
Modern business transactions necessarily involve large volumes of credit buying. In most retail outlets, for example, hundreds or even thousands of credit transactions are carried out in a single day. In a typical credit transaction, source recording devices are used to record the customer credit card number and the dollar amount of the transaction in a format and type style suited to read on optical character recognition (OCR) equipment. The merchant then compiles and records various individual credit transactions onto summary forms. These provide identification and batch control totals to enable reconciliation and processing by the credit center.
Most credit transactions begin with the insertion of a three part data form sales receipt together with the customer's credit card into the source recording device and are followed by the input of the dollar amount of the sale. Concurrently, the dollar amount and the information obtained on the customer's credit card are recorded on the data form. Then the data form is removed from the source recording device, the amount of sale verified and the customer's signature obtained. Finally, the three part data form is separated, one part being retained by the customer as a receipt for the transaction, a second part being retained by the dealer or for departmental records and a third part being sent to a central billing office where the credit transaction data is processed, customers are billed and dealers are reimbursed or departments credited.
As a result of the rapid increase in the volume of credit transactions nationally, most central billing offices are now facing a serious problem in efficiently processing source credit transaction data. Since each transaction initiates a single data form for accounting and billing, the hundreds of thousands of data forms developed daily must be separated, categorized, kept in order, microfilmed, read into computers, balanced against department or dealer records, sorted, matched-up and sent to the customer with his monthly statement. The man power requirements for mailing, handling and ultimately processing these mass quantities of single data forms by the cumbersome techniques presently available have become oppressive.
Thus, it is one of the principle objects of this invention to provide a unique method for efficiently recording and capturing essential credit transaction data at the point of sale and simultaneously developing such data in a form sufficient to reduce the man power, bulk paper handling, accounting, processing and billing requirements of a central billing office.
It is another object of this invention to provide a unique method for preparing descriptive bills for credit customers.
It is still another object of this invention to provide a means for recording multiple credit transactions on a single log sheet, in high density form as an automatic by-product of the preparation of the customer's sales receipt.
It is still another object of this invention to provide a method for source recording wherein each log sheet and each individual transaction thereon are completely autonomous and may be read by OCR equipment and input directly to a computer without the need for separate summary forms, numerous control activities and reconciliation operations.
Finally, it is still another object of this invention to reduce the amount and cost of data processing equipment required to process the source credit transaction data.